Anyone who has taken the extreme step of renouncing his Canadian citizenship doesn't deserve much consideration for reinstatement. At the very least, such a person ought to go to the end of the line behind ever other human being who might want to live here.
His application is obviously based on pragmatism. His Canadian citizenship was once an "impediment to my progress in another, more amenable jurisdiction". Now it seems like he thinks Canadian citizenship might be an impediment to his descent into another, less amenable situation... namely, an American prison.
After all, what has changed since he claimed in 2001 "Renouncing my citizenship was the last and most consistent act of dissent I could pose against a public policy which I believe is depriving Canada of its right and duty to be one of the world's great countries."
Regardless of his reasons for renounciation, or his reasons for coming back, he has permanently lost all the rights and privileges of a Canadian citizen, and his new application would seem to be of questionable merit.